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    2216 Locust Avenue

    Long Beach, CA 90806
    • $1,150,000
    • STATUS: Active
    • ON SITE: 18 days
    • ID#: PW20215056
    UPDATED: 197 min ago
    $1,150,000
    • 0
      BEDS
    • 0.14
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,128
      SQFT
    • $279
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1928
    County:

    School Ratings & Info

    Description

    2216 Locust Avenue is a 5-unit multifamily investment in Long Beach, one of the fastest growing markets in Southern California. The building features a mix of oversized (1) three-bedroom/one bath units and (4) one-bedroom/one bath units. Each unit has its own water heater, and all units are separately metered for gas and electric. Four onsite garages offer the ability for additional income. And the enhancement of common area amenities may provide the opportunity to capture extra upside. 2216 Locust Avenue has the potential to achieve 27% rental upside and is offered at a 6.32% cap rate and 10.89 GRM on proforma rents. With billions of dollars in privately and publicly-funded development taking place, Long Beach is in the midst of a full-scale transformation into a premier metropolitan city, attracting an influx of new businesses, high-quality jobs and an educated, professional demographic of residents.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-10-31T00:32:35.807. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Keller Williams Realty. Licensed in the State of California, USA.

    www.therealestategirl.com/homes/110938950
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    2216 Locust Avenue Long Beach, CA 90806

    • Price: $1,150,000
    • Status: Active
    • Updated: 197 min ago
    • ID#: PW20215056
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.14
    Acres
    4,128
    SQFT
    $279
    $/SQFT
    1928
    Built
    Neighborhood:
    Wrigley Area (Wr)
    County:
    Los Angeles
    Area:
    5 - Wrigley Area
    Property Description
    2216 Locust Avenue is a 5-unit multifamily investment in Long Beach, one of the fastest growing markets in Southern California. The building features a mix of oversized (1) three-bedroom/one bath units and (4) one-bedroom/one bath units. Each unit has its own water heater, and all units are separately metered for gas and electric. Four onsite garages offer the ability for additional income. And the enhancement of common area amenities may provide the opportunity to capture extra upside. 2216 Locust Avenue has the potential to achieve 27% rental upside and is offered at a 6.32% cap rate and 10.89 GRM on proforma rents. With billions of dollars in privately and publicly-funded development taking place, Long Beach is in the midst of a full-scale transformation into a premier metropolitan city, attracting an influx of new businesses, high-quality jobs and an educated, professional demographic of residents.
    Exterior Features

    Garage Spaces 4.00 Lot Features 2-5 Units/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Features Garage Parking Total 4.00 Parking YN Yes Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Laundry Features Common Area Levels Two

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Community Features Urban Country Us Electric Expense 450.25 Elevation Units Feet Fuel Expense 450.25 Gardener Expense 600.00 Gross Income 75696.00 Gross Operating Income 75696.00 Gross Scheduled Income 79680.00 Insurance Expense 1651.00 Land Lease YN No Laundry YN Yes Licenses Expense 500.00 Maintenance Expense 1875.00 Net Operating Income 49336.00 New Construction YN No New Taxes Expense 14773.00 Number Of Separate Electric Meters 5 Number Of Separate Gas Meters 5 Number Of Separate Water Meters 1 Operating Expense 26360.00 Other Expense 875.00 Other Expense Description Reserves Pest Control Expense 500.00 Professional Management Expense 3785.00 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Subdivision Name Other Wrigley Area (Wr) Total Expenses 26360.00 Trash Expense 450.25 Water Sewer Expense 450.25 Water Source Public Year Built Source Assessor Zoning Lbpd29

    Listing provided courtesy of Robert Stepp of Keller Williams - Santa Monica


    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-10-31T00:32:35.807. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Keller Williams Realty. Licensed in the State of California, USA.

     
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